Find your suitable insurance plan
2623
2 min read
Updated on Nov 29, 2022
A health insurance plan has become a necessity in today’s age when diseases and illnesses have become rampant. The medical expenses are so high that they give a common middle-class man a run for his money. A health plan, by meeting the medical costs, provides the much-needed relief from the financial strain which a medical emergency brings. Besides being a financial reliever, did you know that a health insurance plan saves your taxes too?
Yes, if the coverage benefits were not reason enough, the tax-saving angle might further motivate you to invest in a health insurance plan. Do you know the tax benefit which you can get from a health plan? Let’s find out:
As per the regulation of Section 80D of the Income Tax Act, the premiums paid for a health insurance plan are exempted from your taxable income. There is a maximum limit on the exemption amount available. This limit depends on age and the members covered. The maximum exemption which you can avail is Rs.60, 000. Let’s understand how:
| If you buy an individual health insurance plan for yourself or a family floater plan covering yourself, your spouse and dependent children | You get a maximum exemption of Rs.25,000 |
| If you are senior citizen (above 60 years of age) and you cover yourself and your family | The exemption limit increases and you get a maximum exemption of Rs.30, 000 |
| If you are not a senior citizen and you cover yourself, your family and your parents who are also not senior citizens | You get a maximum exemption of Rs.25, 000 for yourself and your family and an additional exemption of Rs.25, 000 for buying a plan for your parents. Thus, your total exemption limit becomes Rs.50, 000 |
| If you are not a senior citizen yourself but your parents are senior citizens and you buy a health plan for yourself, your family and your parents | You get a maximum exemption of Rs.25, 000 for yourself and your family. The additional exemption for parents would increase to Rs.30, 000 since they are senior citizens. Thus, your total exemption limit becomes Rs.55, 000 |
| If you are a senior citizen, your parents are senior citizens and you buy a plan for yourself, your family and your parents | You get a maximum exemption of Rs.30, 000 for yourself and your family. Another additional exemption of Rs.30, 000 would be allowed for health insurance of senior citizen parents. Thus, your total exemption limit would become Rs.60,000 |
So, if you invest in a health insurance policy, you can reduce your taxable income by up to Rs.60, 000. Isn’t this a sweet deal?
Choose wisely!
Also read: Health Insurance Premium: How it is calculated?
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Food not only helps provide nourishment and facilitate survival but can also essentially serve the purpose of medicine. So can be proven by its role.
Apr 24, 2023
2 min read 
A new and exclusive health insurance benefit to Govt. employees and pensioners in Kerala In its fervent attempt to ensure that every individual in every.
Apr 19, 2023 2 min read 
Buying a health insurance plan is essential, but several people refrain from investing in such plans, and prefer investing in fixed deposits, mutual funds, and.
Apr 14, 2023 2 min read 
Nature has bestowed us with many beneficial trees and plants that we may not be aware of. Moringa or Drumstick plant is one such tree,.
Apr 10, 2023 2 min read 
Be it a huge conglomerate or a small business, a health insurance plan is imperative for one and all. Securing your employees and their families.
Apr 07, 2023 2 min read 
Are you looking at easy and effortless reimbursement claims for your health insurance? Here are some important things you should know about medical claim Reimbursements..
Apr 06, 2023 2 min read 
April 17 marks the World Haemophilia Day which is commemorated annually and is dedicated to people who have haemophilia. Let us discuss the history and.
Apr 03, 2023 2 min read 
Malaria is a disease caused by infected mosquito bites. On the occasion of World Malaria Day on April 25, 2023 let us highlight the commitment.
Mar 31, 2023 2 min read 
April 10 marks the event of World Homeopathy Day every year emphasising the importance of Homeopathy and its influence on health. Let us read more.
Mar 30, 2023 2 min read 
World Health Day is observed every year on April 7 to draw attention to a particular topic related to global health. The day marks the.
Mar 30, 2023 2 min read 
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Get A Call Back